Foreign trade turnover in Latvia up by 15.4% in August y-o-y

Provisional data of the Central Statistical Bureau (CSB) show that in August 2017 Latvian foreign trade turnover amounted to EUR 2.25 bln, which was 15.4% more than in August 2016 at current prices, of which the exports and imports values of goods were 8.5% and 21.2% higher, respectively.

In August,
Latvia exported goods in the amount of EUR 958.3 mln, and imported
goods in the amount of EUR 1.29 bln. The foreign trade balance
worsened, as exports in the total foreign trade value dropped to 42.7% (in
August 2016 – 45.4%).

During the first
eight months of the present year, the foreign trade turnover of Latvia at
current prices reached EUR 16.33 bln – EUR 1.9 bln or 13.2%
more than in the corresponding period of 2016. The exports value constituted
EUR 7.21 bln (an increase of EUR 634.6 mln or 9.6%),
whereas the imports value comprised EUR 9.12 bln (an upturn of
EUR 1.27 bln or 16.1%).

Calendar and seasonally adjusted data show that, compared to August 2016, in August 2017 the exports value
at current prices went up by 8.7% and the imports value
increased by 22.5%, whereas, compared to the previous month, the exports value
grew by 2.2% and the imports value rose by 3.0%.

Main changes in exports in
August 2017, compared to August 2016:

-
exports of prepared foodstuffs up by EUR 36.0 mln or 54.8%;
- exports of wood and articles of wood up
by EUR 21.0 mln or 15.6%;
- exports of base metals and articles of base
metals up by EUR 13.4 mln or 18.1%;
- exports of mineral products up by
EUR 10.5 mln or 27.7%;
- exports of vegetable products down by
EUR 35.5 mln or 37.6%.

Main changes in imports in
August 2017, compared to August 2016:

-
imports of machinery and mechanical appliances; electrical equipment up by
EUR 55.1 mln or 24.7%;
- imports of mineral products up by
EUR 49.6 mln or 57.5%;
- imports of prepared foodstuffs up by
EUR 39.6 mln or 43.8%;
- imports of products of the chemical and
allied industries up by EUR 13.2 mln or 12.0%;
- imports of vegetable products up by
EUR 10.3 mln or 19.9%.

In August, the
main export partners of Latvia in trade with EU countries were Lithuania (17.4%
of total exports), Estonia (11.9%), Germany (7.4%) and Sweden (5.7%), whereas
the main import partners were Lithuania (19.7% of total imports), Germany (10.4%),
Poland (8.8%) and Estonia (7.0%).

Foreign trade of Latvia in
August 2017 by country group (at current
prices)

Exports

Imports

mln EUR

% of total

changes as%, compared to August 2016

mln EUR

% of total

changes as%, compared to August 2016

Total

958.3

100

8.5

1 287.1

100

21.2

European
Union countries

670.7

70.0

3.2

966.3

75.1

13.5

euro area
countries

459.5

47.9

4.6

718.1

55.8

15.3

CIS
countries

136.6

14.3

54.9

128.4

10.0

33.0

other
countries

151.0

15.7

4.0

192.4

14.9

68.6

Russia was the
main partner in trade with third countries; its share in total Latvian exports
in August accounted for 10.5%, whereas in imports – for 7.2%.

Main commodities in exports of
Latvia in August 2017 (at current
prices)

Thsd EUR

% of total

Changes as%,
compared to

August
2016

July 2017

average of
previous 12 months

Total

958 270

100

8.5

11.7

5.3

wood and articles of wood; wood charcoal

155 550

16.2

15.6

8.8

2.2

electrical
machinery and equipment

101 593

10.6

-4.6

-2.0

-3.2

machinery
and mechanical appliances

67 350

7.0

26.5

18.9

23.0

beverages,
spirits and vinegar

58 158

6.1

2.1 times

20.0

43.8

vehicles other than railway or tramway rolling stock, and parts and
accessories thereof

46 423

4.8

-3.8

10.1

-7.2

mineral fuels, mineral oils and products of their distillation

42 466

4.4

24.5

16.1

9.6

articles of iron and steel

36 571

3.8

43.0

32.0

24.8

iron and
steel

34 105

3.6

7.5

7.6

7.0

pharmaceutical
products

31 194

3.3

16.6

-16.0

-10.5

furniture, other furnishing articles; prefabricated buildings

29 771

3.1

15.4

11.5

10.8

The rise in the
exports of beverages, spirits and vinegar in August 2017, as compared to
August 2016, was facilitated by an increase in the exports of spirits by
EUR 25.4 mln or 2.3 times. In turn, a drop was experienced in
the exports of electrical machinery and equipment, as the exports of monitors,
projectors and television receivers decreased by EUR 9.0 mln or 46.6%.

Main commodities in imports of
Latvia in August 2017 (at current
prices)

thsd EUR

% of total

Changes as%,
compared to

August
2016

July 2017

average of
previous 12 months

Total

1 287 144

100

21.2

9.1

16.2

machinery
and mechanical appliances

145 649

11.3

48.0

16.9

40.7

electrical
machinery and equipment

132 312

10.3

6.3

3.1

4.4

mineral fuels, mineral oils and products of their distillation

130 886

10.2

60.8

29.0

33.6

vehicles other than railway or tramway rolling stock, and parts and
accessories thereof

86 970

6.8

-1.6

10.1

-8.2

beverages,
spirits and vinegar

66 029

5.1

91.9

17.5

76.5

pharmaceutical
products

53 784

4.2

7.7

33.3

12.0

plastics
and articles thereof

52 328

4.1

18.1

-3.7

12.8

wood and articles of wood; wood charcoal

40 129

3.1

11.2

8.2

10.9

iron and
steel

37 655

2.9

-4.1

-22.4

-9.5

articles of iron and steel

26 544

2.1

11.5

-5.9

7.4

The rise in the
imports of beverages, spirits and vinegar in August 2017, as compared to
August 2016, was facilitated by an increase in the imports of spirits by
EUR 20.2 mln or 2.1 times. Meanwhile, a decline in the imports
of iron and steel was mainly influenced by a drop in the imports of flat-rolled
products of iron and non-alloy steel of EUR 7.2 mln or 31.3%.

More information
on the foreign trade of Latvia by month and quarter, as well as by country
group and commodity group is available in the Foreign Trade section of the CSB database.

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